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Forex brokers reviews & scam warningsMon, 21 Jan 2019 18:24:50 +0000en-UShourly1https://wordpress.org/?v=5.0.3Trading Epic Review – 5 things you should know about tradingepic.comhttps://theforexreview.com/2019/01/21/trading-epic-review/
https://theforexreview.com/2019/01/21/trading-epic-review/#respondMon, 21 Jan 2019 16:42:48 +0000https://theforexreview.com/?p=6788Trading Epic claims to be a New York based forex, CFD and binary options broker offering payout of up to 95% and safety of investment, guaranteed by virtually all prestigious financial authorities in the industry. That, however, turned out not to be true, so if you are considering investing with Trading Epic be sure to read this review first. Trading Epic egulation & safety of funds To start with, we are not sure which is the company behind Trading Epic. The website is virtually anonymous except for a contact address in New York, which can well be just a post box. In any case Trading Epic claims to be regulated by a whole constellation of financial regulators, including the U.S. Commodity Futures Trading Commission (CFTC), the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Board (FSB) of South Africa and the International Financial Services Commission of Belize. After checking the registers of the above mentioned institutions it turned out that non of that is true. Trading Epic is not regulated anywhere and actually there is a fresh warning against Trading Epic by the Financial Conduct Authority in the UK. They are accused of targeting UK citizens without proper authorization. Basically Trading Epic operations are illegal on all regulated markets, including the UK, the rest of the European Union, Japan, Australia, Canada and especially in the US, where regulations are so strict that only companies with operational capital above 20 000 000 USD are allowed to offer brokerage services. And besides, as we noted Trading Epic says to be offering binary options bets, which are altogether banned throughout Europe and on many other regulated markets. Trading Epic deposit/withdrawal methods and fees Trading Epic say they accept payments with bank wire transfers, debit cards, Bitcoins and Neteller, which is an e-wallet. It is interesting, however, that Trading Epic does not work with Skrill – another popular e-wallet that recently announced that they will not accommodate brokers, unless the brokers prove they hold a legit financial license. As we already discussed Trading Epic is not licensed in any way. Otherwise the minimum deposit requirement is 250 USD, which is more or less in line with what other brokers would ask you for as an initial investment. How does the scam work? Fraudsters employ lots of resources to scam people, who are tempted to invest on the forex or the crypto market. Fore example scammers would employ call centers and also the so called robo scam websites, such as Crypto Revolt and Bitcoin Evolution, which are especially designed to attract gullible investors with promises of risk- free, rocket- high returns. And initially you will not be asked for much – just your e-mail and phone, and if you register you will be transferred to the website of a scam broker and will be asked to deposit about 250 USD. Besides, do not be surprised by how successful your first trades will be. That is all part of the scam – fraudsters are just hoping you will be more easily convinced to invest a larger sum. And also, you will receive a phone call – it will be form “your senior account manager”, who will professionally explain that if you want to make some real cash, you will definitely have to invest more – at least 10 000 USD for a start. And take a note that probably you will not realize you have been scammed until the very moment you request to withdraw some money. All of a sudden it will turn out you can not, because of some minimum trade volume requirement, possibly linked to the welcoming bonus you have so carelessly accepted in the first place. Certainly it could be anything, but the result will be the same – scammers will refuse to send you a single dollar back. What to do if scammed? The only chance you have to see your investment back is by filing for a charge back with your credit card company. The good news here is that both MasterCard and VISA extended the period in which you will be allowed to do that to 540 days. And if for any reason scammers have managed to get to your credit card number and online banking password, immediately change the password and cancel your credit card. And one final advice – do not trust the so called recovery agencies – they will just make you pay them some money in advance and that will be all – you will end up with even thinner purse.

]]>Trading Epic claims to be a New York based forex, CFD and binary options broker offering payout of up to 95% and safety of investment, guaranteed by virtually all prestigious financial authorities in the industry.

That, however, turned out not to be true, so if you are considering investing with Trading Epic be sure to read this review first.

Trading Epic egulation & safety of funds

To start with, we are not sure which is the company behind Trading Epic. The website is virtually anonymous except for a contact address in New York, which can well be just a post box.

After checking the registers of the above mentioned institutions it turned out that non of that is true. Trading Epic is not regulated anywhere and actually there is a fresh warning against Trading Epic by the Financial Conduct Authority in the UK. They are accused of targeting UK citizens without proper authorization.

Basically Trading Epic operations are illegal on all regulated markets, including the UK, the rest of the European Union, Japan, Australia, Canada and especially in the US, where regulations are so strict that only companies with operational capital above 20 000 000 USD are allowed to offer brokerage services.

And besides, as we noted Trading Epic says to be offering binary options bets, which are altogether banned throughout Europe and on many other regulated markets.

Trading Epic deposit/withdrawal methods and fees

Trading Epic say they accept payments with bank wire transfers, debit cards, Bitcoins and Neteller, which is an e-wallet.

It is interesting, however, that Trading Epic does not work with Skrill – another popular e-wallet that recently announced that they will not accommodate brokers, unless the brokers prove they hold a legit financial license. As we already discussed Trading Epic is not licensed in any way.

Otherwise the minimum deposit requirement is 250 USD, which is more or less in line with what other brokers would ask you for as an initial investment.

How does the scam work?

Fraudsters employ lots of resources to scam people, who are tempted to invest on the forex or the crypto market. Fore example scammers would employ call centers and also the so called robo scam websites, such as Crypto Revolt and Bitcoin Evolution, which are especially designed to attract gullible investors with promises of risk- free, rocket- high returns.

And initially you will not be asked for much – just your e-mail and phone, and if you register you will be transferred to the website of a scam broker and will be asked to deposit about 250 USD. Besides, do not be surprised by how successful your first trades will be. That is all part of the scam – fraudsters are just hoping you will be more easily convinced to invest a larger sum.

And also, you will receive a phone call – it will be form “your senior account manager”, who will professionally explain that if you want to make some real cash, you will definitely have to invest more – at least 10 000 USD for a start.

And take a note that probably you will not realize you have been scammed until the very moment you request to withdraw some money. All of a sudden it will turn out you can not, because of some minimum trade volume requirement, possibly linked to the welcoming bonus you have so carelessly accepted in the first place. Certainly it could be anything, but the result will be the same – scammers will refuse to send you a single dollar back.

What to do if scammed?

The only chance you have to see your investment back is by filing for a charge back with your credit card company. The good news here is that both MasterCard and VISA extended the period in which you will be allowed to do that to 540 days.

And if for any reason scammers have managed to get to your credit card number and online banking password, immediately change the password and cancel your credit card.

And one final advice – do not trust the so called recovery agencies – they will just make you pay them some money in advance and that will be all – you will end up with even thinner purse.

]]>https://theforexreview.com/2019/01/21/trading-epic-review/feed/0Legal CFD review – 5 things you should know about Legalcfd.comhttps://theforexreview.com/2019/01/21/legalcfd-review/
https://theforexreview.com/2019/01/21/legalcfd-review/#respondMon, 21 Jan 2019 16:15:17 +0000https://theforexreview.com/?p=6764Legal CFD is a Forex brokerage based in EU member-state Bulgaria. According to the brokerage clients there is a required minimum deposit of $250 which is about the industry average and a wide range of trading products available for clients. Legal CFD regulation & safety of funds On the brokerage’s website we read that the company behind the brokerage is registered in Bulgaria with the name FTM Consulting EOOD. Bulgaria is a member-state of the EU and the ESMA guidelines are in full force for brokerages operating on the territory of the country. Furthermore, brokerages in Bulgaria have to be licensed by the local Financial Supervision Commission. However, going through the website and brokerage’s terms and conditions we find no mention of a license. After checking with the online registry of the regulatory agency – we can safely conclude that Legal CFD does not fall under any regulatory oversight. Another troubling aspect of the brokerage is the fact we do not have access through a demo account to the purported trading platform. We view this as a serious problem because traders cannot get acquainted with the trading conditions of Legal CFD. Such irregularities are the usual “tell” of a scammer. With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients. Furthermore, the lack of a demo account for the trading platform, as well any sort of more detailed information regarding the trading conditions of the brokerage highly inclines us to question the legitimacy of the Bulgarian brokerage. We did find a list of all the Crypto CFDs the brokerage presumably offers – they include Cardano, Ark, Bitcoin Cash, Binance Coin , Bancor, Bitcoin, Dash, EOS, Ethereum Classic, Ethereum and many others. The selection is quite impressive, however, without a test-drive of the platform we cannot be sure whether the brokerage does in fact offer such a wide array of financial instruments. We urge traders to exclude such risk in trading by only associating with brokers regulated by prestigious regulatory agencies, such as the FCA and CySec, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds. The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling. Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders. Legal CFD deposit/withdrawal methods and fees We find no information regarding the payment methods available on the website of the brokerage. Such a lack of clarity is quite common for unregulated brokerage in Forex trading. However, we did find quite a few troubling provisions in the terms and conditions of the brokerage. First of, and perhaps most troubling, Legal CFD openly states that they offer clients so-called MAM accounts that are automatically controlled by the brokerage and clients cannot withdraw from them for the first six months. This is quite a provision and a certain red flag for the brokerage. Furthermore, we find a minimum withdrawal amount of $100. Such a provision should not figure among the terms and conditions of a legitimate brokerage. Legal CFD does not explicitly state it charges any withdrawal fees but, nonetheless, we did find the following in the terms as well. It reads “LegalCFD reserves the right to charge clients for incidental banking-related fees.” That is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer. How does the scam work? Information is a pretty solid criteria for judging a brokers legitimacy. Scammers would not share much of their information, because precisely there inconsistencies and irregularities may appear which expose the whole set-up. A good example is this very broker and the misleading information it gave regarding its regulatory status. After informing themselves for the brokers trading conditions – traders should be well-versed in the way of the scam: Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Revolt where registration will require you to give your email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit. After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left. Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back. What to do when scammed? As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you. You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half with their peer Visa expected to follow suit in December. If, however, you have provided the broker with your credit card details, immediately cancel your credit card. If you have given information regarding your online banking pass – you should switch it asap! Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

]]>Legal CFD is a Forex brokerage based in EU member-state Bulgaria. According to the brokerage clients there is a required minimum deposit of $250 which is about the industry average and a wide range of trading products available for clients.

Legal CFD regulation & safety of funds

On the brokerage’s website we read that the company behind the brokerage is registered in Bulgaria with the name FTM Consulting EOOD. Bulgaria is a member-state of the EU and the ESMA guidelines are in full force for brokerages operating on the territory of the country.

Furthermore, brokerages in Bulgaria have to be licensed by the local Financial Supervision Commission. However, going through the website and brokerage’s terms and conditions we find no mention of a license. After checking with the online registry of the regulatory agency – we can safely conclude that Legal CFD does not fall under any regulatory oversight. Another troubling aspect of the brokerage is the fact we do not have access through a demo account to the purported trading platform. We view this as a serious problem because traders cannot get acquainted with the trading conditions of Legal CFD.

Such irregularities are the usual “tell” of a scammer. With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients. Furthermore, the lack of a demo account for the trading platform, as well any sort of more detailed information regarding the trading conditions of the brokerage highly inclines us to question the legitimacy of the Bulgarian brokerage.

We did find a list of all the Crypto CFDs the brokerage presumably offers – they include Cardano, Ark, Bitcoin Cash, Binance Coin , Bancor, Bitcoin, Dash, EOS, Ethereum Classic, Ethereum and many others. The selection is quite impressive, however, without a test-drive of the platform we cannot be sure whether the brokerage does in fact offer such a wide array of financial instruments.

We urge traders to exclude such risk in trading by only associating with brokers regulated by prestigious regulatory agencies, such as the FCA and CySec, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.

Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders.

Legal CFD deposit/withdrawal methods and fees

We find no information regarding the payment methods available on the website of the brokerage. Such a lack of clarity is quite common for unregulated brokerage in Forex trading. However, we did find quite a few troubling provisions in the terms and conditions of the brokerage. First of, and perhaps most troubling, Legal CFD openly states that they offer clients so-called MAM accounts that are automatically controlled by the brokerage and clients cannot withdraw from them for the first six months. This is quite a provision and a certain red flag for the brokerage.

Furthermore, we find a minimum withdrawal amount of $100. Such a provision should not figure among the terms and conditions of a legitimate brokerage.

Legal CFD does not explicitly state it charges any withdrawal fees but, nonetheless, we did find the following in the terms as well. It reads “LegalCFD reserves the right to charge clients for incidental banking-related fees.”

That is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Information is a pretty solid criteria for judging a brokers legitimacy. Scammers would not share much of their information, because precisely there inconsistencies and irregularities may appear which expose the whole set-up. A good example is this very broker and the misleading information it gave regarding its regulatory status.

After informing themselves for the brokers trading conditions – traders should be well-versed in the way of the scam:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Revolt where registration will require you to give your email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half with their peer Visa expected to follow suit in December.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

]]>https://theforexreview.com/2019/01/21/legalcfd-review/feed/0MegaTradeFX Review – 5 things you should know about Megatradefx.comhttps://theforexreview.com/2019/01/21/megatradefx-review/
https://theforexreview.com/2019/01/21/megatradefx-review/#respondMon, 21 Jan 2019 16:13:37 +0000https://theforexreview.com/?p=6759MegaTradeFX is a Forex brokerage registered in the Marshall Islands. It provides а web-based trading platform, not the MT4 trading terminal, and an extremely generous leverage of up to 1:200. Furthermore, there is a wide range of trading products from which to choose and a required minimum deposit of $250 which is about the industry average. The spread on EUR/USD is about 3.7 pips which is quite high in our view and unfavorable for traders. MegaTradeFX regulation & safety of funds According to the website the company behind the brokerage is registered in the Marshall Islands by the name Vital Resources LTD. The Marshall Islands is a favorite destination for would-be scammers due to its very liberal laws regarding the registering of companies. The government does not even require for someone to be physically there in order to register a company. Such a loophole has surely been noticed by many ill-minded brokers and utilized. Furthermore, while researching the brokerage we came upon an official warning issued by the UK’s Financial Conduct Authority. It reads that MegaTradeFX does not hold a proper license and is suspected to be involved in fraudulent activities. Here is a screenshot: Being blacklisted is perhaps the most clear-cut sign of trouble. Furthermore, It’s safe to assume that the brokerage does not fall under any regulatory oversight because the government of the Marshall Islands does not include Forex trading within its regulatory framework. Another telling sign is the absurdly high leverage which may only be offered by brokerages that are registered offshore. Through a demo account we could see a spread of 3.7 pips on EUR/USD which is quite high and unfavorable. Having that in mind, the offshore location of the brokerage and the obvious lack of regulation highly inclines us to suspect that potential clients of the brokerage may be open to substantial risk. We urge traders to exclude such risk in trading by only associating with brokers regulated by prestigious regulatory agencies, such as the FCA and CySec, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds. The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling. Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders. MegaTradeFX deposit/withdrawal methods and fees Potential clients of the brokerage may deposit or withdraw via a number of payment methods. They include: Visa, MasterCard, Maestro, wire transfer, Skrill, Neteller and Fasapay. We did find some worrisome provisions in the terms and conditions of the brokerage. MegaTradeFX has a minimum withdrawal amount of $50 which is quite unsavory and shouldn’t figure among the conditions of a legitimate brokerage. This is why we always advise traders to put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer. How does the scam work? Unfortunately, the possibility of a scam looms over almost every trade in forex, especially if you are dealing with an unregulated brokerage. That is why we believe traders should be acquainted with the methods of a scam. Here is how it would typically go about: Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Cash where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit. After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left. Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back. What to do when scammed? As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you. You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in Forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half with their rival Visa expected to follow suit in December. If, however, you have provided the broker with your credit card details, immediately cancel your credit card. If you have given information regarding your online banking pass – you should switch it asap! Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

]]>MegaTradeFX is a Forex brokerage registered in the Marshall Islands. It provides а web-based trading platform, not the MT4 trading terminal, and an extremely generous leverage of up to 1:200. Furthermore, there is a wide range of trading products from which to choose and a required minimum deposit of $250 which is about the industry average. The spread on EUR/USD is about 3.7 pips which is quite high in our view and unfavorable for traders.

MegaTradeFX regulation & safety of funds

According to the website the company behind the brokerage is registered in the Marshall Islands by the name Vital Resources LTD. The Marshall Islands is a favorite destination for would-be scammers due to its very liberal laws regarding the registering of companies. The government does not even require for someone to be physically there in order to register a company. Such a loophole has surely been noticed by many ill-minded brokers and utilized. Furthermore, while researching the brokerage we came upon an official warning issued by the UK’s Financial Conduct Authority. It reads that MegaTradeFX does not hold a proper license and is suspected to be involved in fraudulent activities. Here is a screenshot:

Being blacklisted is perhaps the most clear-cut sign of trouble. Furthermore, It’s safe to assume that the brokerage does not fall under any regulatory oversight because the government of the Marshall Islands does not include Forex trading within its regulatory framework. Another telling sign is the absurdly high leverage which may only be offered by brokerages that are registered offshore.

Through a demo account we could see a spread of 3.7 pips on EUR/USD which is quite high and unfavorable. Having that in mind, the offshore location of the brokerage and the obvious lack of regulation highly inclines us to suspect that potential clients of the brokerage may be open to substantial risk.

We urge traders to exclude such risk in trading by only associating with brokers regulated by prestigious regulatory agencies, such as the FCA and CySec, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.

Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders.

MegaTradeFX deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via a number of payment methods. They include: Visa, MasterCard, Maestro, wire transfer, Skrill, Neteller and Fasapay. We did find some worrisome provisions in the terms and conditions of the brokerage. MegaTradeFX has a minimum withdrawal amount of $50 which is quite unsavory and shouldn’t figure among the conditions of a legitimate brokerage.

This is why we always advise traders to put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Unfortunately, the possibility of a scam looms over almost every trade in forex, especially if you are dealing with an unregulated brokerage. That is why we believe traders should be acquainted with the methods of a scam. Here is how it would typically go about:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Cash where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in Forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half with their rival Visa expected to follow suit in December.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

]]>https://theforexreview.com/2019/01/21/megatradefx-review/feed/0World Trust Invest Review – 5 things you should know about Worldtrustinvest.comhttps://theforexreview.com/2019/01/21/worldtrustinvest-review/
https://theforexreview.com/2019/01/21/worldtrustinvest-review/#respondMon, 21 Jan 2019 16:10:04 +0000https://theforexreview.com/?p=6734World Trust Invest is an unregulated Forex brokerage with very unclear corporate information. According to the brokerage clients are provided with the UTIP trading platform and a decent range of trading instruments. Through a demo account we could see a spread of 0.7 pips on EUR/USD which is about twice below the industry average and quite favorable. However, there are many problems with the brokerage – read the whole review to find out why! World Trust Invest regulation & safety of funds First of, it’s obvious the brokerage is based in Russia because the only language option of the website is Russian. However, we read some very interesting stuff in the sector for corporate information. Here is a screenshot: The brokerage claims to be a corporate brand of WTI Capital Holdings Limited which is registered in Cyprus. Furthermore, we learn that the company is regulated by the Cyprus Securities and Exchange Commission (CySEC). However, not only did we not find such a company among the registry of CySEC but we also came upon a warning issued by the financial watchdog. CySEC states that the firm is neither registered in Cyprus nor does it fall under the regulatory oversight of the agency. It further suspects the firm of fraudulent activities and warns traders not to deal with it. This is as red a flag as possible in Forex trading. Furthermore, the brokerage is very unclear about its trading conditions as well. We neither learn the required minimum deposit nor the maximum leverage extended to clients. Such a lack of information is typical for scammers and shady brokerages. We attempted to register for the Utrade platform and we got access. Through a demo account we could see a spread of 0.7 pips on EUR/USD. The spread is quite favorable since the industry average in Forex trading is a pip and a half, however, the lack of regulation and the warning issued by CySEC are clear-cut signs of trouble. Such irregularities are the usual “tell” of a scammer. With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients. All in all, we consider potential clients of the brokerage may be open to some serious risks. We urge traders to exclude such risk in trading by only associating with brokers regulated by prestigious regulatory agencies, such as the FCA and CySec, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds. The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling. Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders. World Trust Invest deposit/withdrawal methods and fees We find no information regarding the payment methods available on the website of the brokerage. Such a lack of clarity is quite common for unregulated brokerage in Forex trading. World Trust Invest does have a terms and conditions, however, it is only available in Russian. Due to the lack of information we cannot be sure whether the brokerage isn’t in fact hiding beneath its sleeve any nasty withdrawal fees. If we have to guess based on what we have seen – we would definitely consider the option viable. That is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer. How does the scam work? Information is a pretty solid criteria for judging a brokers legitimacy. Scammers would not share much of their information, because precisely there inconsistencies and irregularities may appear which expose the whole set-up. A good example is this very broker and the misleading information it gave regarding its regulatory status. After informing themselves for the brokers trading conditions – traders should be well-versed in the way of the scam: Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Revolt where registration will require you to give your email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit. After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left. Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back. What to do when scammed? As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you. You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half with their peer Visa expected to follow suit in December. If, however, you have provided the broker with your credit card details, immediately cancel your credit card. If you have given information regarding your online banking pass – you should switch it asap! Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

]]>World Trust Invest is an unregulated Forex brokerage with very unclear corporate information. According to the brokerage clients are provided with the UTIP trading platform and a decent range of trading instruments. Through a demo account we could see a spread of 0.7 pips on EUR/USD which is about twice below the industry average and quite favorable. However, there are many problems with the brokerage – read the whole review to find out why!

World Trust Invest regulation & safety of funds

First of, it’s obvious the brokerage is based in Russia because the only language option of the website is Russian. However, we read some very interesting stuff in the sector for corporate information. Here is a screenshot:

The brokerage claims to be a corporate brand of WTI Capital Holdings Limited which is registered in Cyprus. Furthermore, we learn that the company is regulated by the Cyprus Securities and Exchange Commission (CySEC). However, not only did we not find such a company among the registry of CySEC but we also came upon a warning issued by the financial watchdog.

CySEC states that the firm is neither registered in Cyprus nor does it fall under the regulatory oversight of the agency. It further suspects the firm of fraudulent activities and warns traders not to deal with it. This is as red a flag as possible in Forex trading. Furthermore, the brokerage is very unclear about its trading conditions as well. We neither learn the required minimum deposit nor the maximum leverage extended to clients. Such a lack of information is typical for scammers and shady brokerages. We attempted to register for the Utrade platform and we got access. Through a demo account we could see a spread of 0.7 pips on EUR/USD.

The spread is quite favorable since the industry average in Forex trading is a pip and a half, however, the lack of regulation and the warning issued by CySEC are clear-cut signs of trouble.

Such irregularities are the usual “tell” of a scammer. With no regulatory oversight we can’t be certain about the company behind the operation and whether it will fulfill its obligation towards clients. All in all, we consider potential clients of the brokerage may be open to some serious risks.

We urge traders to exclude such risk in trading by only associating with brokers regulated by prestigious regulatory agencies, such as the FCA and CySec, which require compliance with a number of strict rules that give significant assurance for the security of the clients funds.

The segregation of accounts is among the rules which are especially important in the trading world, because it drastically lowers the risk of possible commingling.

Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders.

World Trust Invest deposit/withdrawal methods and fees

We find no information regarding the payment methods available on the website of the brokerage. Such a lack of clarity is quite common for unregulated brokerage in Forex trading. World Trust Invest does have a terms and conditions, however, it is only available in Russian. Due to the lack of information we cannot be sure whether the brokerage isn’t in fact hiding beneath its sleeve any nasty withdrawal fees. If we have to guess based on what we have seen – we would definitely consider the option viable.

That is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Information is a pretty solid criteria for judging a brokers legitimacy. Scammers would not share much of their information, because precisely there inconsistencies and irregularities may appear which expose the whole set-up. A good example is this very broker and the misleading information it gave regarding its regulatory status.

After informing themselves for the brokers trading conditions – traders should be well-versed in the way of the scam:

Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Revolt where registration will require you to give your email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half with their peer Visa expected to follow suit in December.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

]]>https://theforexreview.com/2019/01/21/worldtrustinvest-review/feed/0MegaTradeFX gets blacklisted by the FCAhttps://theforexreview.com/2019/01/21/megatradefx-gets-blacklisted-by-the-fca/
https://theforexreview.com/2019/01/21/megatradefx-gets-blacklisted-by-the-fca/#respondMon, 21 Jan 2019 16:07:56 +0000https://theforexreview.com/?p=6773The offshore Forex brokerage MegaTradeFX has been blacklisted by the UK’s Financial Conduct Authority. The financial watchdog claims they have been providing financial services to British traders without a proper license. We read in the official warning issued by the FCA that the Forex brokerage is suspected of taking part in fraudulent activities and ” is carrying on regulated activities which require authorisation.” The brokerage is presumably owned and operated by company Vital Resources LTD based in the Marshall Islands. The Marshall Islands is a favorite destination for scammers due to the location of the country and the very liberal laws regarding the registering of new firms. Brokerages may register there without even being physically present. Furthermore, the brokerage practically writes on its forehead that it is unregulated because of the absurdly high leverage it offers. Ever since August of 2018 brokerages that fall under the regulatory oversight of the European countries have to comply with a leverage cap of 1:30. The FCA always advises interested traders in the UK, and around the world, to always do business only with legitimate and regulated Forex brokerages. Traders may check brokerages by going to the online registry of the agency and ensuring the firm is subject to the strictest regulatory standards.

]]>The offshore Forex brokerage MegaTradeFX has been blacklisted by the UK’s Financial Conduct Authority. The financial watchdog claims they have been providing financial services to British traders without a proper license.

We read in the official warning issued by the FCA that the Forex brokerage is suspected of taking part in fraudulent activities and ” is carrying on regulated activities which require authorisation.”

The brokerage is presumably owned and operated by company Vital Resources LTD based in the Marshall Islands. The Marshall Islands is a favorite destination for scammers due to the location of the country and the very liberal laws regarding the registering of new firms. Brokerages may register there without even being physically present. Furthermore, the brokerage practically writes on its forehead that it is unregulated because of the absurdly high leverage it offers. Ever since August of 2018 brokerages that fall under the regulatory oversight of the European countries have to comply with a leverage cap of 1:30.

The FCA always advises interested traders in the UK, and around the world, to always do business only with legitimate and regulated Forex brokerages. Traders may check brokerages by going to the online registry of the agency and ensuring the firm is subject to the strictest regulatory standards.

]]>https://theforexreview.com/2019/01/21/megatradefx-gets-blacklisted-by-the-fca/feed/0FCA warns traders to steer clear of MarketGBP, Capital-Traders and FXTRADE777https://theforexreview.com/2019/01/21/fca-warns-traders-to-steer-clear-of-marketgbp-capital-traders-and-fxtrade777/
https://theforexreview.com/2019/01/21/fca-warns-traders-to-steer-clear-of-marketgbp-capital-traders-and-fxtrade777/#respondMon, 21 Jan 2019 16:06:12 +0000https://theforexreview.com/?p=6750The three Forex brokerages – MarketGBP, Capital-Traders, and FXTRADE777 – have been blacklisted by the UK’s Financial Conduct Authority. The financial watchdog claims they have been providing financial services to British traders without a proper license. We read in the official warning issued by the FCA that the three Forex brokerages are suspected of being involved in fraudulent activities and “knowingly running investment scams.” The first firm – MarketGBP – is a MT4 Forex brokerage which we have reviewed. It is owned and operated by the infamous Estonian Blonde Bear OU which is connected with several other proven scammers such as Mib700, Tradex1 and Black Parrot Limited. As a matter of fact, the Italian financial watchdog CONSOB has issued an official warning against both Tradex1 and MarketGBP. FXTrade777 is also connected with Blond Bear OU, as are many shady brokerages. It is also blacklisted by the independent external dispute resolution Financial Commission (FinaCom). We also learn from the warning by the FCA that the firm is attempting to mislead traders by using the corporate information of legitimate Forex brokerage FINSA Europe Ltd. In other words – it is a “clone firm.” The last of the brokerages that has ended up on the warning list of the FCA – Capital Traders – is owned and operated by a London company by the name Option Solution Online Ltd. The company, of course, does not fall under any regulatory oversight whatsoever. Furthermore, while researching the brokerage we discover it actually aims at misleading clients into thinking it is in someway connected with the world-known Saxo Bank. The FCA always advises interested traders in the UK, and around the world, to always do business only with legitimate and regulated Forex brokerages. Traders may check brokerages by going to the online registry of the agency and ensuring the firm is subject to the strictest regulatory standards.

We read in the official warning issued by the FCA that the three Forex brokerages are suspected of being involved in fraudulent activities and “knowingly running investment scams.”

The first firm – MarketGBP – is a MT4 Forex brokerage which we have reviewed. It is owned and operated by the infamous Estonian Blonde Bear OU which is connected with several other proven scammers such as Mib700, Tradex1 and Black Parrot Limited. As a matter of fact, the Italian financial watchdog CONSOB has issued an official warning against both Tradex1 and MarketGBP.

FXTrade777 is also connected with Blond Bear OU, as are many shady brokerages. It is also blacklisted by the independent external dispute resolution Financial Commission (FinaCom). We also learn from the warning by the FCA that the firm is attempting to mislead traders by using the corporate information of legitimate Forex brokerage FINSA Europe Ltd. In other words – it is a “clone firm.”

The last of the brokerages that has ended up on the warning list of the FCA – Capital Traders – is owned and operated by a London company by the name Option Solution Online Ltd. The company, of course, does not fall under any regulatory oversight whatsoever. Furthermore, while researching the brokerage we discover it actually aims at misleading clients into thinking it is in someway connected with the world-known Saxo Bank.

The FCA always advises interested traders in the UK, and around the world, to always do business only with legitimate and regulated Forex brokerages. Traders may check brokerages by going to the online registry of the agency and ensuring the firm is subject to the strictest regulatory standards.

]]>https://theforexreview.com/2019/01/21/fca-warns-traders-to-steer-clear-of-marketgbp-capital-traders-and-fxtrade777/feed/0CoinOptions Trade Review – 5 things you should know about coinoptionstrade.comhttps://theforexreview.com/2019/01/21/coinoptions-trade-review/
https://theforexreview.com/2019/01/21/coinoptions-trade-review/#respondMon, 21 Jan 2019 15:15:29 +0000https://theforexreview.com/?p=6778CoinOptions Trade claims to be a regulated broker offering “bitcoin mining” and “crypto currency investments” with returns of up to 70% to 100% depending on your investment plan. However, as they do not disclose their trading conditions and offer no demo account, we can not comment on those. Also our research shows that CoinOptions Trade falsely claims to be regulated in Cyprus and what is more, that the Cyprus Securities and Exchange Commission (CYSEC) has issued a warning against CoinOptions Trade. We will review the regulatory status of the website in detail in the following paragraphs. CoinOptions Trade regulation & safety of funds CoinOptions Trade has a contact address in the USA, but there is no information about the company that operates the website, so basically we are not sure where they are based. They also claim to be regulated by “The Financial Commission” and the “American Financial Services Commission (FSC)”, the latest actually based in Mauritius. Note that those two entities are not official regulatory authorities and are basically websites that provide “licensing certificates” lacking credibility whatsoever. On top of that CoinOptions Trade claims to be regulated by the Cyprus Securities and Exchange Commission (CySEC), which is a legit regulator within the European Union. That however, proved not to be true. The CySEC license CoinOptions Trade shows on its website is forged and uses the registration number of another company – A-Conversio Capital Ltd. – a legit Cypriot Investment Firm, which has no connection to CoinOptions Trade whatsoever. All that lead us to the conclusion that CoinOptions Trade is a scam website, offering unrealistic returns. As always in such cases our best advice is to trade only with brokers holding legit licenses by official financial authorities such as the CySEC in Cyprus, the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC) CoinOptions Trade deposit/withdrawal methods and fees The only payment options you have with CoinOptions Trade are a wire transfer, Western Union, MoneyGram and Bitcoins. Here, we should note, that with the above mentioned payment methods you do not have the option to file for a charge back, while under the new anti scam policies of VISA and MasterCard, for instance, currently you have 540 days to do that. Also Skrill, not available with CoinOptions Trade, but otherwise one of the most widely used e-wallets around the globe, requires brokers to prove a valid financial license. As we already noted CoinOptions Trade does not have a legit license to provide financial services. As far as the minimum deposit requirement is concerned, it is 100 USD – more or less what other brokers would ask as an initial investment. If you proceed with depositing your money, however, you will be asked to confirm that you agree with the “Terms of Investment” of the website. Unfortunately that document was not immediately available, so basically if you deposit your money with CoinOptions Trade you will not know under what “Terms” you invest and what withdraw conditions you agree with. Our experience shows this is a perfect recipe for a scam. How does the scam work? Scammers rely on many resources to defraud gullible investors. They employ call centers and the so called “robo – scam” websites like Crypto Revolt and Bitcoin Evolution, which are especially designed to hook you with an irresistible offer for fast and easy returns, of course completely “risk free”. And you will be simply asked to fill a small registration form with your e-mail and phone, and than be transferred to the web page of a unregulated scam broker, where you will be offered a trading account with a minimum initial deposit of about 250 USD. Besides, your initial trades will be surprisingly successful and pretty soon the money in you account will almost double. That, however, will not be real. Your trading results will simply be manipulated so that you will more prone to the idea of investing a larger sum. And surely you will receive a phone call as well. It will be your “senior account manager”, who will basically explain you, that if you want to make some real money you will simply have to invest more – like 10 000 USD or so. And if you invest those money, probably you will not realize that you have been scammed until the very moment you decide to withdraw some of your funds. Than it will suddenly turn out it is not possible, because of some minimum trade volume requirement, you have agreed with, when you have accepted your trading bonus in the first place. Certainly it could be something else, but the bottom line will be the same – you will not see a single penny back. What to do if scammed? Probably the only chance you stand to get your money back is by filing for a charge back with your credit card company. Fortunately, as we noted, that will be possible within 540 days if you have made your deposit with VISA or MasterCard. And if by any chance you have revealed to scammers your credit card number or online banking password, immediately change the password and block your credit card. Finally, do not put your trust in to the so called recovery agencies. They will not recover your money, but will simply take some cash in advance and basically that is the last time you will hear form them.

]]>CoinOptions Trade claims to be a regulated broker offering “bitcoin mining” and “crypto currency investments” with returns of up to 70% to 100% depending on your investment plan. However, as they do not disclose their trading conditions and offer no demo account, we can not comment on those.

Also our research shows that CoinOptions Trade falsely claims to be regulated in Cyprus and what is more, that the Cyprus Securities and Exchange Commission (CYSEC) has issued a warning against CoinOptions Trade. We will review the regulatory status of the website in detail in the following paragraphs.

CoinOptions Trade regulation & safety of funds

CoinOptions Trade has a contact address in the USA, but there is no information about the company that operates the website, so basically we are not sure where they are based. They also claim to be regulated by “The Financial Commission” and the “American Financial Services Commission (FSC)”, the latest actually based in Mauritius. Note that those two entities are not official regulatory authorities and are basically websites that provide “licensing certificates” lacking credibility whatsoever.

On top of that CoinOptions Trade claims to be regulated by the Cyprus Securities and Exchange Commission (CySEC), which is a legit regulator within the European Union. That however, proved not to be true. The CySEC license CoinOptions Trade shows on its website is forged and uses the registration number of another company – A-Conversio Capital Ltd. – a legit Cypriot Investment Firm, which has no connection to CoinOptions Trade whatsoever.

All that lead us to the conclusion that CoinOptions Trade is a scam website, offering unrealistic returns.

CoinOptions Trade deposit/withdrawal methods and fees

The only payment options you have with CoinOptions Trade are a wire transfer, Western Union, MoneyGram and Bitcoins. Here, we should note, that with the above mentioned payment methods you do not have the option to file for a charge back, while under the new anti scam policies of VISA and MasterCard, for instance, currently you have 540 days to do that.

Also Skrill, not available with CoinOptions Trade, but otherwise one of the most widely used e-wallets around the globe, requires brokers to prove a valid financial license. As we already noted CoinOptions Trade does not have a legit license to provide financial services.

As far as the minimum deposit requirement is concerned, it is 100 USD – more or less what other brokers would ask as an initial investment.

If you proceed with depositing your money, however, you will be asked to confirm that you agree with the “Terms of Investment” of the website. Unfortunately that document was not immediately available, so basically if you deposit your money with CoinOptions Trade you will not know under what “Terms” you invest and what withdraw conditions you agree with. Our experience shows this is a perfect recipe for a scam.

How does the scam work?

Scammers rely on many resources to defraud gullible investors. They employ call centers and the so called “robo – scam” websites like Crypto Revolt and Bitcoin Evolution, which are especially designed to hook you with an irresistible offer for fast and easy returns, of course completely “risk free”.

And you will be simply asked to fill a small registration form with your e-mail and phone, and than be transferred to the web page of a unregulated scam broker, where you will be offered a trading account with a minimum initial deposit of about 250 USD.

Besides, your initial trades will be surprisingly successful and pretty soon the money in you account will almost double. That, however, will not be real. Your trading results will simply be manipulated so that you will more prone to the idea of investing a larger sum. And surely you will receive a phone call as well. It will be your “senior account manager”, who will basically explain you, that if you want to make some real money you will simply have to invest more – like 10 000 USD or so.

And if you invest those money, probably you will not realize that you have been scammed until the very moment you decide to withdraw some of your funds. Than it will suddenly turn out it is not possible, because of some minimum trade volume requirement, you have agreed with, when you have accepted your trading bonus in the first place. Certainly it could be something else, but the bottom line will be the same – you will not see a single penny back.

What to do if scammed?

Probably the only chance you stand to get your money back is by filing for a charge back with your credit card company. Fortunately, as we noted, that will be possible within 540 days if you have made your deposit with VISA or MasterCard.

And if by any chance you have revealed to scammers your credit card number or online banking password, immediately change the password and block your credit card.

Finally, do not put your trust in to the so called recovery agencies. They will not recover your money, but will simply take some cash in advance and basically that is the last time you will hear form them.

]]>https://theforexreview.com/2019/01/21/coinoptions-trade-review/feed/0Alpari will not process VISA payments until Marchhttps://theforexreview.com/2019/01/18/alpari-will-not-process-visa-payments-until-march/
https://theforexreview.com/2019/01/18/alpari-will-not-process-visa-payments-until-march/#commentsFri, 18 Jan 2019 16:39:33 +0000https://theforexreview.com/?p=6756Alpari, a retail forex and CFD broker, which lost its Russian license last month, announced that it will not be able to process payments with VISA cards in US dollars and Euro until March due to technical issues. The announcement was published on the broker’s web site on Friday. “Please be informed that due to technical reasons, funds withdrawals in EUR and USD via Visa are unavailable until March 2019. We will inform you again once normal service has been resumed”, the broker said in a statement. Still Alpari notes that there are no issues with other payment methods like for example MasterCard, without specifying what exactly is the problem with VISA. The lack of more detailed information abut the problem rose some speculations that VISA might have refused to work with the broker, because of the regulatory troubles it run into last month. In December Alpari, which still holds its Belize license, lost its Russian license because of failure to comply with the Central Bank of Russia (CBR) instructions, providing false accounting data, false information on its website and running inadequate risk management system.

]]>Alpari, a retail forex and CFD broker, which lost its Russian license last month, announced that it will not be able to process payments with VISA cards in US dollars and Euro until March due to technical issues.

The announcement was published on the broker’s web site on Friday.

“Please be informed that due to technical reasons, funds withdrawals in EUR and USD via Visa are unavailable until March 2019. We will inform you again once normal service has been resumed”, the broker said in a statement.

Still Alpari notes that there are no issues with other payment methods like for example MasterCard, without specifying what exactly is the problem with VISA.

The lack of more detailed information abut the problem rose some speculations that VISA might have refused to work with the broker, because of the regulatory troubles it run into last month.

In December Alpari, which still holds its Belize license, lost its Russian license because of failure to comply with the Central Bank of Russia (CBR) instructions, providing false accounting data, false information on its website and running inadequate risk management system.

]]>https://theforexreview.com/2019/01/18/alpari-will-not-process-visa-payments-until-march/feed/1FX Pace Review – 5 things you should know about fxpace.comhttps://theforexreview.com/2019/01/18/fx-pace-review/
https://theforexreview.com/2019/01/18/fx-pace-review/#respondFri, 18 Jan 2019 16:03:03 +0000https://theforexreview.com/?p=6753FX Pace offers three account types with a leverage of up to 500:1 and the MetaTrader4 platform. Spreads, as tested with a demo account, started around 1,6 pips, which is more or less fine with a standard account, while their portfolio included over 80 forex pairs with lots of exotic currencies like Mexican peso, Brazilian Real, Turkish Lira, Russian Rubble, Chinese Yuan, Singapore Dollar, Norwegian Krone, Swedish Krona, Danish Krone, Hong Kong Dollar, Hungraina Forint, Polish Zloty, Czech Krona and South African Rand. Other available assets include CFDs on crypto currencies like Bitcoin, Ripple, Ethereum, and Litecoin, spot metals like gold, silver, platinum and palladium, agricultural commodities including coffee, cocoa, rice, sugar, cotton, corn, soybeans, wheat and copper, as well as oil, natural gas, 17 indices and stocks. And although this might sound attractive, take a note that FX Pace is a unregulated, offshore broker and that significantly erodes its credibility. FX Pace regulation & safety of funds FX Pace is owned and operated by Salvax Limited, a Bermuda based company, which also runs a couple of other unregulated, offshore brokers, namely FX Suit and Navitas Markets. And our issue with FX Pace is exactly this – neither the broker, not the company behind it is regulated by an official financial authority such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC). And that basically makes all FX Suit operations on regulated markets, including all countries in the European Union, Australia, the UK, Japan and USA completely illegal. And besides, trading with regulated brokers is the only way you can feel secure about your investment. A legit license means that the broker follow strict financial and ethical rules, among which to file regular reports, to allow external audits, to provide a negative balance protection to traders, to protect their funds in a segregated account, to refrain form offering trading bonuses, to maintain at all times a certain minimum capital adequacy ratio and with all EU regulators even to insure traders funds. Thus for example with FCA brokers the insurance will cover up to 50 000 GBP of your funds, while with CySEC brokers the insured amount is up to 20 000 EUR. FX Pace deposit/withdrawal methods and fees You can pay at FX Pace with all major credit or debit cards like VISA and MasterCard as well as with a bank wire transfer. Popular e-wallets like Neteller and Skrill are also accepted and the minimum deposit requirement is not high – 100 USD. The broker, however, offers a series of trading bonuses like the Velocity Bonus and the Accelerator Bonus, which come with additional withdraw conditions attached. Have in mind that the practice of offering trading bonuses, so popular with offshore brokers, is highly controversial and since last year the European Securities and Markets Authority (ESMA) has banned all trading bonuses altogether. How does the scam work? Scammers are surprisingly well organized. They often employ call centers and the so called robo scam web sites like Crypto Revolt and Bitcoin Evolution, where you will be tempted to join an innovative trading app or a platform with a promise for fast and mind blowing returns. And all you will be asked in the beginning is your e-mail and phone. Fill the simple registration form and you will be promptly transferred to the web site of an offshore, scam broker, where you will have to deposit your first 250 dollars. Here, take a note, that if you do deposit those money and open a trading account with the scam broker, the people running the robo scam website will get their commission. Besides you will be surprised by how amazingly successful your first trades will be – the funds in your account will probably double in less than a day or two. That however will be just part of the scam. The con- artists will simply manipulate your account so that latter you will be more susceptible to the idea of investing a larger sum. And precisely than you will receive a phone call as well. It will be form a senior account manager, who will patiently and professionally explain you that if you want to make some real money, you will definitely have to invest more – like at least 10 000 USD. And most probably you will never realize you have been scammed until the very moment you decide to withdraw some of your cash. Than all of a sudden it will turn out you do not have the right to withdraw, because you have not fulfilled some minimum trade volume requirement, probably linked to the trading bonus you have so gladly accepted in the first place. Certainly the pretext could be different, but in any case the end result will be the same – you will not receive a single dollar back. What to do if scammed? The single adequate step you may take in an attempt to recover the money you have deposited with the scammers, is to file for a charge back with your credit card company. The good news here is that both VISA and MasterCard have extended the period in which you can do that to 540 days. Still, do not waste any time and file for a charge back immediately. Some scammers might have tricked you to tell them your credit card number and your online banking password. If that is the case, be sure to immediately block your credit card and change your password. And finally, do not waste your time and money with the so called recovery agencies. They will not recover your money, but will simply collect an upfront payment and will leave you even deeper in to the red.

]]>FX Pace offers three account types with a leverage of up to 500:1 and the MetaTrader4 platform. Spreads, as tested with a demo account, started around 1,6 pips, which is more or less fine with a standard account, while their portfolio included over 80 forex pairs with lots of exotic currencies like Mexican peso, Brazilian Real, Turkish Lira, Russian Rubble, Chinese Yuan, Singapore Dollar, Norwegian Krone, Swedish Krona, Danish Krone, Hong Kong Dollar, Hungraina Forint, Polish Zloty, Czech Krona and South African Rand.

Other available assets include CFDs on crypto currencies like Bitcoin, Ripple, Ethereum, and Litecoin, spot metals like gold, silver, platinum and palladium, agricultural commodities including coffee, cocoa, rice, sugar, cotton, corn, soybeans, wheat and copper, as well as oil, natural gas, 17 indices and stocks.

And although this might sound attractive, take a note that FX Pace is a unregulated, offshore broker and that significantly erodes its credibility.

FX Pace regulation & safety of funds

FX Pace is owned and operated by Salvax Limited, a Bermuda based company, which also runs a couple of other unregulated, offshore brokers, namely FX Suit and Navitas Markets.

And that basically makes all FX Suit operations on regulated markets, including all countries in the European Union, Australia, the UK, Japan and USA completely illegal.

And besides, trading with regulated brokers is the only way you can feel secure about your investment.

A legit license means that the broker follow strict financial and ethical rules, among which to file regular reports, to allow external audits, to provide a negative balance protection to traders, to protect their funds in a segregated account, to refrain form offering trading bonuses, to maintain at all times a certain minimum capital adequacy ratio and with all EU regulators even to insure traders funds.

Thus for example with FCA brokers the insurance will cover up to 50 000 GBP of your funds, while with CySEC brokers the insured amount is up to 20 000 EUR.

FX Pace deposit/withdrawal methods and fees

You can pay at FX Pace with all major credit or debit cards like VISA and MasterCard as well as with a bank wire transfer.

Popular e-wallets like Neteller and Skrill are also accepted and the minimum deposit requirement is not high – 100 USD. The broker, however, offers a series of trading bonuses like the Velocity Bonus and the Accelerator Bonus, which come with additional withdraw conditions attached.

Have in mind that the practice of offering trading bonuses, so popular with offshore brokers, is highly controversial and since last year the European Securities and Markets Authority (ESMA) has banned all trading bonuses altogether.

How does the scam work?

Scammers are surprisingly well organized. They often employ call centers and the so called robo scam web sites like Crypto Revolt and Bitcoin Evolution, where you will be tempted to join an innovative trading app or a platform with a promise for fast and mind blowing returns. And all you will be asked in the beginning is your e-mail and phone.

Fill the simple registration form and you will be promptly transferred to the web site of an offshore, scam broker, where you will have to deposit your first 250 dollars.

Here, take a note, that if you do deposit those money and open a trading account with the scam broker, the people running the robo scam website will get their commission.

Besides you will be surprised by how amazingly successful your first trades will be – the funds in your account will probably double in less than a day or two. That however will be just part of the scam. The con- artists will simply manipulate your account so that latter you will be more susceptible to the idea of investing a larger sum.

And precisely than you will receive a phone call as well. It will be form a senior account manager, who will patiently and professionally explain you that if you want to make some real money, you will definitely have to invest more – like at least 10 000 USD.

And most probably you will never realize you have been scammed until the very moment you decide to withdraw some of your cash. Than all of a sudden it will turn out you do not have the right to withdraw, because you have not fulfilled some minimum trade volume requirement, probably linked to the trading bonus you have so gladly accepted in the first place. Certainly the pretext could be different, but in any case the end result will be the same – you will not receive a single dollar back.

What to do if scammed?

The single adequate step you may take in an attempt to recover the money you have deposited with the scammers, is to file for a charge back with your credit card company. The good news here is that both VISA and MasterCard have extended the period in which you can do that to 540 days. Still, do not waste any time and file for a charge back immediately.

Some scammers might have tricked you to tell them your credit card number and your online banking password. If that is the case, be sure to immediately block your credit card and change your password.

And finally, do not waste your time and money with the so called recovery agencies. They will not recover your money, but will simply collect an upfront payment and will leave you even deeper in to the red.

]]>https://theforexreview.com/2019/01/18/fx-pace-review/feed/0World Trust Invest, Eurotrade Investments, and CoinOptions Trade get blacklisted by CySEChttps://theforexreview.com/2019/01/18/world-trust-invest-eurotrade-investments-and-coinoptions-trade-get-blacklisted-by-cysec/
https://theforexreview.com/2019/01/18/world-trust-invest-eurotrade-investments-and-coinoptions-trade-get-blacklisted-by-cysec/#respondFri, 18 Jan 2019 14:24:04 +0000https://theforexreview.com/?p=6662The Cyprus Securities and Exchange Commission (‘CySEC’) added unregulated brokers World Trust Invest, Eurotrade Investments, and CoinOptions Trade to its warning list on Tuesday. According to the regulatory agency, the companies behind the broker brands are operating illegally in the country. World Trust Invest is a Forex broker based in Russia. Its website is available only in Russian and it provides the UTIP platform. It came under fire by CySEC because it falsely claims to be regulated in Cyprus in order to mislead potential traders. The same goes for Eurotrade Investments which seemingly targets Spanish traders. The trading conditions and the corporate information of the brokerage are quite unclear and to top it all off – it sneakily uses the name of Cypriot Investment Firm (CIF) Eurotrade Investments RGB LTD, which operates Eurotrader (CY) brokerage brand. Traders may rest assured that Eurotrade Investments is not regulated by any agency. CoinOptions also falsely claims to be licensed by CySEC but its pitch to traders is a bit different. It purports to be a private investment firm providing asset management services, including Bitcoin Mining Program, Cryptocurrency trading, exchange and crypto assets management, as well as some more “traditional” trading in forex and binary options. The brokerage even uses the reference number of another CySEC-regulated firm – A-Conversio Capital Ltd. The Cyprus Securities and Exchange Commission has always urged interested traders to invest only with legitimate and licensed brokerages. In order to exclude the risk of fraud – they are further advised to always check the online registry of the agency to see whether a brokerage is in fact in compliance with the Cypriot regulatory standards. The Cypriot financial watchdog urges investors to be particularly cautious before conducting business with any investment company and always check whether it is duly licensed. Forex brokers authorized by CySEC have to abide by a number of rules, which provide significant assurance for the security of clients’ funds.

]]>The Cyprus Securities and Exchange Commission (‘CySEC’) added unregulated brokers World Trust Invest, Eurotrade Investments, and CoinOptions Trade to its warning list on Tuesday. According to the regulatory agency, the companies behind the broker brands are operating illegally in the country.

World Trust Invest is a Forex broker based in Russia. Its website is available only in Russian and it provides the UTIP platform. It came under fire by CySEC because it falsely claims to be regulated in Cyprus in order to mislead potential traders.

The same goes for Eurotrade Investments which seemingly targets Spanish traders. The trading conditions and the corporate information of the brokerage are quite unclear and to top it all off – it sneakily uses the name of Cypriot Investment Firm (CIF) Eurotrade Investments RGB LTD, which operates Eurotrader (CY) brokerage brand. Traders may rest assured that Eurotrade Investments is not regulated by any agency.

CoinOptions also falsely claims to be licensed by CySEC but its pitch to traders is a bit different. It purports to be a private investment firm providing asset management services, including Bitcoin Mining Program, Cryptocurrency trading, exchange and crypto assets management, as well as some more “traditional” trading in forex and binary options. The brokerage even uses the reference number of another CySEC-regulated firm – A-Conversio Capital Ltd.

The Cyprus Securities and Exchange Commission has always urged interested traders to invest only with legitimate and licensed brokerages. In order to exclude the risk of fraud – they are further advised to always check the online registry of the agency to see whether a brokerage is in fact in compliance with the Cypriot regulatory standards.

The Cypriot financial watchdog urges investors to be particularly cautious before conducting business with any investment company and always check whether it is duly licensed. Forex brokers authorized by CySEC have to abide by a number of rules, which provide significant assurance for the security of clients’ funds.